中金 | “1+N”政策体系（3）：减持制度正式落地

Core Viewpoint - The recent implementation of the share reduction regulations by the China Securities Regulatory Commission (CSRC) aims to enhance the management of share reductions by listed companies, thereby stabilizing market expectations and boosting investor confidence [1][2][12]. Summary by Sections Regulatory Framework - On May 24, the CSRC officially released the "Interim Measures for the Management of Share Reduction by Shareholders of Listed Companies" and the "Rules for the Management of Shares Held and Changes by Directors, Supervisors, and Senior Management of Listed Companies," further refining the "1+N" policy system in the capital market [3][4]. - The new regulations establish a "1+2" rule system, integrating previous regulations and enhancing the management of share reductions [3][4]. Key Provisions of the New Regulations - The "Share Reduction Management Measures" consist of 31 articles, maintaining the framework of previous regulations while addressing prominent market issues [4]. - Key adjustments include stricter regulations on major shareholders' reductions, pre-disclosure obligations before large transactions, and enhanced responsibilities for major shareholders and board secretaries [4][6]. - The "Holding Change Rules" further standardize the reduction behavior of directors and senior management, including stricter pre-disclosure requirements and optimized trading window periods [6][7]. Market Impact - Since the implementation of the new regulations on August 27, 2023, the scale of share reductions by industrial capital has significantly decreased, with a net reduction of only 0.7 billion yuan compared to 158.3 billion yuan in the same period last year [10][12]. - The reduction in share sales has led to a marginal improvement in the A-share market's liquidity, with more companies engaging in share buybacks than reductions [10][12]. Future Outlook - The ongoing refinement of the capital market's regulatory framework is expected to support market sentiment and contribute to the high-quality development of the capital market [11][12]. - The overall valuation of A-shares remains at historical lows, suggesting potential for recovery in major indices following recent adjustments [12].